Banking Licenses
St. Vincent has served as an Offshore financial centre since 1976, providing non-residents with myriads of investment opportunities. In 1996, a new body of offshore laws was introduced, including The International Banks Act, 1996, which provided better licensing procedures and regulation of international banking business carried on from within the State and related matters.
Benefits
Under this Banking Act, investors are exempted from:
- The payment of stamp duty
- Corporate Tax, Income Tax and Capital Gains Tax
- Withholding tax on dividends or earnings
- Estate, Inheritance, Succession duties
St. Vincent and the Grenadines authorities can issue two types of banking licenses:
Class A License
Class B License
Class A License
Class A License, also known as a General Bank License, allows all types of banking related businesses with residents and non-residents.
Capital Requirements:
- Has and maintains a fully paid-up capital of US$1,000,000 or its equivalent in another currency or any greater sum the Authority may reasonably determine.
- Has deposited or invested the sum of US$500,000 or its equivalent in another currency, in a manner the Authority may reasonably prescribe.
Timeframe: 4 to 8 Months
If you want to obtain a banking license in Saint Vincent, we will be glad to help. Contact us today.
Class B License
Class B License, also known as Restrictive Banking License or Offshore Banking License, allows banking business activities but only with non-residents and companies outside of St. Vincent specifically mentioned and described in the license application.
Capital Requirements:
- Has and maintains a fully paid-up capital of US$500,000 or its equivalent in another currency or any greater sum the Authority may reasonably determine.
- A deposit or investment of US$100,000 or its equivalent in another currency, in a manner the Authority may reasonably prescribe.
Timeframe: 4 to 8 Months
If you want to obtain a banking license in Saint Vincent, we will be glad to help. Contact us today.
